Post a Free Blog

Submit A Press Release

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Filter by Categories
Action
Animation
ATP Tour (ATP)
Auto Racing
Baseball
Basketball
Boxing
Breaking News
Business
Business
Business Newsletter
Call of Duty (CALLOFDUTY)
Canadian Football League (CFL)
Car
Celebrity
Champions Tour (CHAMP)
Comedy
CONCACAF
Counter Strike Global Offensive (CSGO)
Crime
Dark Comedy
Defense of the Ancients (DOTA)
Documentary and Foreign
Drama
eSports
European Tour (EPGA)
Fashion
FIFA
FIFA Women’s World Cup (WWC)
FIFA World Cup (FIFA)
Fighting
Football
Formula 1 (F1)
Fortnite
Golf
Health
Hockey
Horror
IndyCar Series (INDY)
International Friendly (FRIENDLY)
Kids & Family
League of Legends (LOL)
LPGA
Madden
Major League Baseball (MLB)
Mixed Martial Arts (MMA)
MLS
Movie and Music
Movie Trailers
Music
Mystery
NASCAR Cup Series (NAS)
National Basketball Association (NBA)
National Football League (NFL)
National Hockey League (NHL)
National Women's Soccer (NWSL)
NBA Development League (NBAGL)
NBA2K
NCAA Baseball (NCAABBL)
NCAA Basketball (NCAAB)
NCAA Football (NCAAF)
NCAA Hockey (NCAAH)
Olympic Mens (OLYHKYM)
Other
Other Sports
Overwatch
PGA
Politics
Premier League (PREM)
Romance
Sci-Fi
Science
Soccer
Sports
Sports
Technology
Tennis
Thriller
Truck Series (TRUCK)
True Crime
Ultimate Fighting Championship (UFC)
Uncategorized
US
Valorant
Western
Women’s National Basketball Association (WNBA)
Women’s NCAA Basketball (WNCAAB)
World
World Cup Qualifier (WORLDCUP)
WTA Tour (WTA)
Xfinity (XFT)
XFL
0
-- Advertisement --spot_img
HomeBusinessRolex gets $100 million fine from French antitrust agency for banning online...

Rolex gets $100 million fine from French antitrust agency for banning online sales of watches

Add to Favorite
Added to Favorite
Image by SNCR GROUP from Pixabay

Rolex SA has been fined about $100 million by the antitrust agency Autorite de la Concurrence. The French watchdog fined the Swiss watchmaker for illegally cracking down on distributors who wanted to sell the watches online. Rolex says that online sales result in the sale of counterfeit watches and parallel trade. However, the French antitrust agency did not buy into this argument.

The French regulator released a statement on Tuesday that said the violations by Rolex were “serious” and amounted to “closing a marketing channel,” which would have a detrimental effect on consumers and retailers. The statement also noted that luxury products, including watches, have been “booming over the past 15 years.”

The regular said that Rolex France was jointly liable along with Rolex Holding SA, Rolex SA, and the Hans Wilsdorf Foundation. They have been fined approximately $100 million by the watchdog. The summary of the decision has to be published on the website of the watchmaker.

ParisJewelry.com

The Swiss watchmaker has a global policy that lets its watches be sold only in official jewelry brick-and-mortar stores. New watches can only be marketed but not sold online. Consumers cannot directly buy Rolex watches.

The French agency ruled that these practices are restrictive. It accepted that Rolex could enforce recommended retail prices. It was also accepted that the watchmakers aim to prevent the sale of fake Rolex watches and that trading in the grey market is commercially legitimate.

The agency noted that other watchmakers that compete with Rolex have not used the tactics that Rolex did despite facing similar risks.

In 2017, the French antitrust agency opened an investigation into a complaint by Pellegrin & Fils and the Union de la Bijouterie Horlogerie. Pellegrin & Fils said that it had been removed from the network of partners after it tried to convince the watchmaker to sell Rolex watches online. The company suggested that it had been made an example for other partners so that they could be kept in line.

Rolex has not commented on the ruling. It can file an appeal to the Paris Court of Appeal.

Celebrity WEB Update— Premier Jewelry designer and manufacturer fashion house ParisJewelry.com has started manufacturing a new custom line of celebrity jewelry designs with 30% Off and Free Shipping. Replenish Your Body- Refilter Your Health with OrganicGreek.com Vitamin Bottles, Vitamins, and Herbs. Become a  WebFans  Creator and Influencer. Check the New Special XMicro Razors for Men & Women, 1 Razor, 7 Blade Refills with German Stainless Steel, Lubricated with Vitamin E for Smooth Shave, Shields Against Irritation, Version X Men|Women

Subscribe to get Latest News Updates

Latest News

You may like more
more

TriplePoint Venture Growth (NYSE:TPVG) Analyst Update and Financial Overview

Piper Sandler analyst Crispin Love sets a price target...

Latest Market Movements: Top Gainers Analyzed

Metropolitan West Floating Rate Income Fund (MWFLX) sees a...

MACOM Technology Solutions Holdings, Inc. (NASDAQ:MTSI) Earnings Report Highlights

Earnings per share (EPS) of $0.39 was reported, falling...

Garmin Ltd. (NYSE: GRMN) Sees Significant Stock Surge Amid Strong Financial Performance

Garmin Ltd. (NYSE:GRMN) stock price surged by 26.03% following...